USDSEK - Building bullish strength
USDSEK (1H) - short term bullish bias
The US dollar has regained strength overnight and is aiming for the previous high. Last week's rally had shown signs of exhaustion with the RSI indicator forming a double top in the over-bought area. Yesterday's pullback was a temporary pause to let buyers catch their breath. The demand zone of 9.4900 revealed strong buying pressure and was enough to contain the retracement. The uptrend is still intact and we would expect the pair to challenge the major resistance of 9.5380. A breakout could extend the rally towards 9.5500.
Key support: 9.5080
Key resistance: 9.5380
The US dollar has regained strength overnight and is aiming for the previous high. Last week's rally had shown signs of exhaustion with the RSI indicator forming a double top in the over-bought area. Yesterday's pullback was a temporary pause to let buyers catch their breath. The demand zone of 9.4900 revealed strong buying pressure and was enough to contain the retracement. The uptrend is still intact and we would expect the pair to challenge the major resistance of 9.5380. A breakout could extend the rally towards 9.5500.
Key support: 9.5080
Key resistance: 9.5380